When you think about your personal finances, what comes to mind? Maybe it’s the ‘big ticket’ items of the mortgage, car loan, HECS and credit card debts. Next in line are probably a long list of everyday expenses like groceries, clothing, home, contents and car insurance, electricity bills and the costs of raising children. But there are other financial priorities that are just as important as your regular bills. What are your financial goals? And which financial goals should you be focusing on?
Will you be relying on super when you retire, or will it be the age pension? If it’s super, are you certain that you’re on track to have enough saved for retirement? As the cost of living continues to rise, it’s important to consider how much you’ll need for retirement regardless of your age now and what your retirement plans are. Whether you want to travel the world or just want to make sure you have enough to cover basic expenses and medical bills, retirement savings should always be a high priority in your financial thinking.
What would happen if you or one of your family became ill or suffered an injury? Even a few weeks off work, or the cost of extra medical bills can easily upset a person’s financial security. Life and income protection insurance can help protect you and your family from the unexpected. It’s always better to be prepared than it is to have something happen which results in financial distress. It’s better to have it in place and never have to use it than it is to go without and hope that nothing happens.
Are you finding yourself at the doctor more than usual due to constantly feeling sick or stressed? Your health and well being affects your finances in numerous ways. More doctor’s appointments lead to more health expenses; being overly stressed can lead to time off work or under performing at your job.
Being in good health and taking care of yourself results in you feeling your best, which means you can succeed at work (and in life) and not have to spend more on medical expenses. The extra money you’re saving from being healthy can be used to add to your savings, or put towards investments to help secure your financial future.
Sometimes thinking outside of the box when it comes to your finances can lead to better financial health. By focusing on these three financial factors, you can save more and worry less!